5 Mistakes Real Estate Agents Make When Selling a Land
Land sales and purchase are two sides of the real estate coin. One side of the coin can have the joys or regrets (as the case may be) of a sale and the other side having sweetness or pain of buying a landed property. We understand that real estate agents go against a wind of uncertainties when getting a prospect interested in a piece of land. And many real estate agents have suffered the brunt of making certain costly and regretful mistakes in selling properties.
There are a lot of things involved when selling a land and here is a list of 5 mistakes real estate agents make. Being educated about these mistakes will save you heartaches that may arise from your real estate agent who might encounter these errors when selling a piece of land to you.
1. Not being well educated about the condition and purpose of the property
Prospects have unique needs when they set out to buy land. Some desire to set up a merchandise outlet, a fuel filling station, a fish farm or a house. Based on this, each land has its varied capacity and usage. Unfortunately, not all real estate agents take the time to educate themselves on the conditions of the property and what purpose the property can serve. Some lands are reclaimed from the sea and have loose sediments which may not be ideal for high rise buildings with low foundation. Also, some lands are in waterlogged areas and have the water table close to the surface which makes it ideal for some agricultural purposes such as fish farming or piggery but less desirable for apartment structures. Also is the acidity or alkalinity of a soil. Other aspects are the size of the land for sale and the landmarks dividing the land into plots. Another important aspect is the land’s title/deed which should be communicated to the prospect, including what the title means.
2. Not having a good knowledge of what the prospect wants
It is one thing to be educated about the property, it is another thing to be well acquainted with what the prospects desires and what is the intended purpose of the property. It is heart wrecking for a prospect having purchased a piece of land to realize that he/she is not permitted to erect a desired structure because the concession is not for such. For example, a concession which is for residential houses been sold to a prospect who intends to set up a shopping plaza.
We understand that it takes a lot of financial thought to invest in a property and for this reason, each prospect has a unique reason why he/she wants a property, including location, topography, and purpose. It is very pertinent that an estate agent advises a prospect based on their unique desire and intention and also ensure that the choice of property matches the nature of building/development the prospect wants to embark on.
3. Not knowing the actual price of the property
Pricing is another crucial aspect in which your real estate agent may fail to be well informed and communicate wrongly to you. Including the payment plan set up by the real estate agency. This may lead the prospect to under-planning and realizing thereafter that their set-aside funds aren’t enough to purchase the concession. Prices differ with concessions, based on the location, condition, permitted purpose and demand. It is always best for an estate agent to get his facts right before informing a prospect about the current selling price of a property, including a payment plan (if any) to enable them make good planning based on their budget.
4. Having the wrong motives when selling
Some real agents tend to be dubious and intend to swindle a prospect or make twice a profit from the prospect. They fail to understand that good business is about meeting a need and been rewarded for it. Such a tendency to take advantage of a prospect backfires in the long run with consequences. Such real estate agents tend to make bogus promises and exaggerations about a property and try to compel a prospect to buy immediately without giving the prospect the opportunity to make his/her findings before purchase. You are safe and rest assured that your investment is genuine and that you will enjoy the rewards of purchasing a property from DPkay homes. DPKay Home’s concessions are government approved with proper titles.
5. Not being honest about the true state of the property
This is quite similar to the dubious real estate agent who wishes to swindle a prospect but less intense in that the real estate agents fail to inform the prospect on all the conditions of the property. This may be unintentional (or intentional) which may result in the prospect of making a wrong purchase decision. As much as possible, the real estate agent should consider his/her prospect first and by so doing be transparent about what the prospect may or not get from the property of interest.
DPkay homes takes pride in educating prospects on the conditions of a property, its size, location, title and permitted purpose based on the State government town plan. When DPKay Homes offer you a piece of property, you can be certain that you will be getting the best that there is to offer. And you are at liberty to inspect the property and make your findings. Besides DPKay real estate agents who are your first point of contact with us, you can further contact the agency for detailed info on the property of interest including alternative properties.
DPkay Homes ensures that prospects are well informed about the condition and purpose of property including giving professional advice to enable our prospect to make educated choices. Whenever you visit DPKay’s office or make enquiries, you will get all the information you need to know about the conditions and purpose of the desired property.
Now, you know what mistakes your real estate agent is likely to make. When you wish to use the services of an agent, double check and be sure that the property is right for you and that you get what you paid for.